Slow take-upof PRSA scheme

PENSION industry estimates show that 3,500 individual Personal Retirement Savings Accounts (PRSA) policies have been sold since the scheme was launched last April.

Irish Life is claiming a share of up to 50% in this new market, despite the fact that the take-up of the new products has been lower than anticipated.

Irish Life also claims that more employers have designated Irish Life as their PRSA provider than any other. The company says that about 1,800 people have decided to invest almost €6 million into Irish Life’s PRSA products.